State Government Working Toward Tax Parity For Racing New South Wales

The state government funding agreement for the first running of The Championships horse race "was linked" to Racing New South Wales' "ongoing fight to get tax parity for the TAB distribution with Victoria," according to Chris Roots of the SYDNEY MORNING HERALD. The A$10M ($9M) in funding "was not signed off until after Queen Elizabeth Stakes day last month." The agreement "did not have a loan facility incorporated in it." Racing NSW pays A$3.22 for every A$100 wagered on the TAB tote markets, as opposed to A$1.28 in Victoria. Correspondence between Racing NSW and former racing minister George Souris in November "did outline the possibility of a loan facility to continue 'Destination Week,'" the working name for The Championships. But Racing NSW CEO Peter V'landys said that "it was never on the radar as far as he was concerned." V'landys: "Why would we agree to taking a loan for prizemoney ... that would be madness" (SMH, 5/21).